70% of companies either have a digital transformation strategy in place or are working on one. (ZDNet)
More stats here. digital transformation statistics you should know in 2021.
In 2021, you should be planning for the digital transformation of your company.
Getting started with digital transformation
Your business is not ready yet if you are not clear about the goals of digital transformation. Every journey starts with knowing where you are going, and digital transformation requires just that, a series of goals and milestones.
At Leapfrog, we prioritize setting goals at every level. At an individual level, team level, and company level, setting SMART-ER goals and creating the right path to achieve those goals is important.
We built a software application that helps to set and track goals and also get feedback from supervisors or team lead. Setting goals will help your business to have a proper vision and plan to steer the business to successful transformation.
Now, before heading into the objectives, you should know, what is digital transformation?
We will look at the basic idea about it and how you can get started with it. Digital transformation means creating or modifying existing business models, processes and culture through different digital tools and technologies to stay ahead of the competition by enhancing customer experience.
The transformation will impact the four major areas of your business. It includes business process, business model, domain, and organizational culture. And when businesses do not focus on all these areas, they may face the risk of digital transformation failure. A proper digital transformation strategy helps businesses to transform successfully.
What is a digital transformation strategy?
Digital Transformation Strategy is basically a plan to redefine the business process, business model, domain, and organizational culture. The digital transformation strategy should focus on: Why do you need to transform? What do you need to do to transform? How can you transform?
The strategy could be to use the latest digital tools and technologies to increase the task effectiveness. It could be to hire new talent to fill the skill gap in the organization. It could be to upskill the current employees to engage and prepare them for the change or it could be the cultural transformation. The strategies you make as a business leader will determine the success of your company.
Your digital strategy should be more than a business strategy as you are not just looking to upgrade to digital but transform the business as a whole. But before your business creates and follows a digital transformation roadmap, you must first determine goals for your business transformation. This will create a clearer path to lead your business towards growth.
What is the Objective of Digital Transformation for your Business?
Your business has unique goals and a unique path to reach the goal. Digital Transformation can and should be molded to fulfill your business needs. As every successful business follows similar principles, the objectives of digital transformation can also be grouped to gain maximum benefits in various aspects of your business.
Digital transformation changes a multitude of aspects of your business. And for this very reason, everyone in the organization should be involved in the process.
Your business objective should be to facilitate collaboration among employees. Digital transformation will help people in the business to connect and work together to meet the end goal.
Since the beginning of 2020, due to the pandemic, most of us have been working remotely.
A survey from Gartner in April 2020 found that post-pandemic, 41% of employees are likely to work remotely at least some of the time.
Digital tools like the Zoom app have helped us to connect virtually and conduct meetings, pitch ideas and reach out to the team members at any time.
And there are a number of collaborative apps that make the job easier. At Leapfrog, a platform like Slack helps us to collaborate through seamless and secure communication. It helps the team to stay organized and get the work done together.
A collaborative mindset will increase the chance of building digital products faster and more efficiently. Working in a cross-department will allow employees to share their expertise and align their effort towards a common goal.
Improve Employee Performance
Adopting digital tools and technologies will require expertise in the company. Businesses get disrupted by the ever-changing digital trends and technologies.
So, your company employees should always be ready to use the right tools and technologies to meet the changing market demands. When people in the company understand the purpose of the transformation and get familiar with the new tools and technologies, their performance will be enhanced.
At Leapfrog, we use software Jira to plan, track and deliver awesome products. It has helped us to deliver quality products at the right time.
With the power of AI and other innovative digital tools, transforming your business digitally helps business leaders and frontline employees to focus on more important tasks.
Read our blog on 4 Simple Ways to Boost Employee Engagement and Experience during Digital Transformation of your Company to gain insights on why employee engagement is important during digital transformation and the ways to engage them in the transformation process.
Digital tools and technologies help to automate the tasks. Digital Process Automation tools help companies develop completely automated, end-to-end case and process solutions. Companies use tools to ease employee/customer onboarding, streamline purchase orders, and much more.
For example, QuickBase. It empowers businesses to quickly turn their ideas into applications making them more efficient, informed, and productive.
Additionally, digital technologies like Slack facilitate easy and effective internal communication and collaboration.
Digital transformation helps people in the company become more productive by encouraging them to focus on innovative ideas. Along with that, customers also benefit when different tools are streamlined to fulfill their needs.
Create a new business model
Digital transformation helps to uplift business by replacing the traditional business model with the new ones. Digital transformation positively impacts how value is delivered in the company.
60% of companies that have undergone a digital transformation have created new business models.
Digital technology plays a major role in helping businesses to create new models. The best example of it is Netflix. Netflix, from a DVD, mail-order business transitioned to an online streaming service as a response to digital disruption. It then started growing exponentially by enhancing customer experience. Its customers could watch their favourite movies and TV shows online with a seamless experience.
Companies are faced with numerous growth opportunities when they adopt digital transformation to redefine their business models.
Gain Competitive advantage
The market is full of competition. From SMEs to tech giant companies like Google, Facebook and Amazon; everyone faces the risk of getting outrun by their competitors.
Market pressures are the leading drivers of digital transformation as most efforts are spurred by increased competitive pressure (41%).
Digital transformation involves changing business models, business processes, organizational culture, and domain. Along with that, digital tools and technologies are a must in transforming business. Businesses need to harness the power of the technologies like Artificial Intelligence (AI) and cloud-based apps to automate tasks and improve workflows.
Then only businesses can stay ahead of the competition as they get a boost by increased sales, increased employee productivity, increased efficiency, and enhanced customer experience.
Businesses today should understand and work towards achieving agile transformation. While going through digital transformation, businesses should implement the agile methodology and prepare teams to have an agile mindset. Agility helps business to:
- Empower employees and connect them
- Facilitate rapid decision and learning cycles
- Provides flexibility to adapt to a changing environment
At Leapfrog, our team works together with an agile mindset to create and deliver well-engineered software.
Leapfrog’s AI playbook, team, and expertise helped healthcare startups to test out and implement our transformation into an AI-driven product. Their team of product managers and data analysts helped us bridge business goals with model choices. They were focused on getting insights and iterating on them. Leapfrog’s team then integrated the final AI models into our product. Leapfrog’s team is fast, smart, and agile. Tim Darling, Chief Analytics Officer and Founder, Laudio, Boston
And agility comes from an agile team. Such a team has the nature of constant communication and collaboration, trust and flexibility. Having a digital mindset along with an agile mindset will help businesses grow and thrive in this digital world.
The Goal of Digital Transformation
You should not be adopting a digital transformation strategy just for the sake of it. Likewise, adopting digital tools and technologies alone cannot help the business to transform successfully. The whole company should be involved during digital transformation.
The end goal of every business is to make an impact through their product and services. Not to mention, everyone wills to stay ahead of the competition and maximize profitability. Through digital transformation, you can move towards the ultimate goal of your company.
In this digital age, your business should be ready for digital disruption. Digital transformation helps businesses to be prepared for that. Your digital transformation goal should be to increase the efficiency of business processes, gain competitive advantage, create new business models, increase collaboration and employee productivity and make business agile.
Leapfrog has been helping businesses to transform digitally by creating well-engineered products. Book a consultation and we can meet to discuss a solution for your business needs.